Global Banking Standard Setter Admits Bitcoin and Crypto are a Risk to Banks114

A group of international banking authorities, the Basel Committee on Banking Supervision, which is part of the Bank of International Settlements (BIS), has issued a statement on the current situation of the cryptocurrency market. BIS believes that cryptocurrencies are an unsafe medium of exchange and store of value and has warned that they pose a number of risks to banks and financial institutions.

Despite the fact that cryptocurrencies have become more commonplace over the years, the attitude major financial institutions have towards the industry is mixed. And while some investment funds and stock exchanges have been quick to adopt the new technology, banks seemed wary of digital assets.

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